On the May 11 episode of the Lykken on Lending radio show I hosted, David Stevens of the Mortgage Bankers Association (MBA) discussed with us the need for standardized testing across the mortgage industry. Many industries have certifications that qualify professionals to work in those industries. While there are certifications that mortgage professionals can get, there doesn't seem to be agreement on any kind of standard license.
You may have noticed that News From NAMB is not just links to other media stories but also goes to primary sources. Because NAMB is deeply involved in so many facets of our industry, we find important information that may not be reported elsewhere. Best of all, it is free to NAMB members. News From NAMB is sponsored exclusively by United Wholesale Mortgage.
One of my favorite topics in the mortgage industry is education and training. If there is an area in which organizations need to continually invest and reexamine, this is it. New employees need to be trained. Existing employees need to be trained on new standards, best practices, and methodologies. Vendors need to be trained on organizational objectives. Even the public needs to be trained on the value of the mortgage industry. Everywhere you look, there is need for education.
There's a lot to be set for starting things. Innovation sets things into motion. If you don't have someone who takes that initial risk, go out on a limb, and test out new ideas, you will be complacent and fall behind in a competitive marketplace. But, let's be honest—there is no shortage of ideas. Starting is the easy part—or at least the fun part. Getting a project off the ground is one thing, but seeing it through to completion is quite another.
Lately, there has been a lot of talk in the industry about whether or not organizations in the mortgage business are going to be ready for the TRID transition. We've heard things about the hopes of getting extensions or, at the very least, lenience on enforcement of the TRID rules as organizations adjust. Many organizations in the industry are playing catch up in order to meet the TRID guidelines. But, here's something to think about: what if an organization finished preparing early? How would that set that organization apart
To outsiders, the mortgage banking industry can often seem somewhat mysterious. People don't really understand the process until they're in it. As a result, students looking to enter into a new career may overlook the field because they don't really understand all that it entails. What we need, I think, is a simple course that outlines the basics of what it means to work in the mortgage industry. Well, it turns out, there already is one ...
Ever since I first heard about it, I've been really excited about the Mortgage Bankers Association's "Mortgage Banking Bound" program. On the April 27 broadcast of my Lykken on Lending radio show, I finally got the opportunity to discuss the initiative with Jeff Schummer and Brendan Berry of the MBA. What this program is doing to bring new life to the industry will, I believe, work wonders for the future in our field.
You may have noticed that News From NAMB is not just links to other media stories but also goes to primary sources. Because NAMB is deeply involved in so many facets of our industry, we find important information that may not be reported elsewhere. Best of all, it is free to NAMB members. News From NAMB is sponsored exclusively by United Wholesale Mortgage. Please support United Wholesale as they support our industry. Click here to sign up.
In interviewing Dr. Lynn Fisher of the Mortgage Banker's Association last week on my Lykken on Lending radio show, I learned some interesting things about the changing dynamics of homeowners. Recover in the industry has been slower than we were expecting following the recession. Possibly as a response to economic challenges, there has been a tremendous transition in household formations over the past several years.
The Digital Age is in full swing within the housing industry. Homebuyers can search for homes, take virtual tours and begin the mortgage approval process, whereas home sellers can compare prices and begin the selling process from their laptop, smartphone or tablet before even stepping foot into the office of a real estate agent or mortgage lender.
Today’s virtual meeting options, online calculation and rate tools are changing the way home mortgage lenders work, and they’re simplifying the process for buyers and sellers.